The current unstable political and economic situations have given rise to questions surrounding the safety and security of offshore banking and wealth management. Offshore banking offers individuals a way to be more tax-efficient while accessing foreign markets. However, it’s important to understand the options available, as different countries have different policies and agreements.
Here is Turner Little’s list of top countries to consider when opening an offshore account:
Singapore offers a stable financial environment for those looking to protect their wealth offshore. As one of the richest countries in the world, Singapore is home to some of the world’s best offshore banks.
It invests heavily in the research and development of cutting-edge technology, which helps meet the everchanging needs and preferences of investors. This keeps assets safe whilst also giving the opportunity to easily access them when needed.
As an already established banking hub, Singapore has the proven expertise and capabilities to keep assets protected. Whether it’s to grow or preserve assets, Singapore’s financial industry offers strong financial oversight and security.
Switzerland is considered as one of the largest financial harbours in the world – and one of the safest. Bankers have a duty of confidentiality and are unable to disclose any information to a third party about a client-bank relationship under the Federal Banking Act, so the utmost privacy is certain. If there ever was a breach of banking secrecy, it would trigger criminal sanctions and civil liability for the bank.
Swiss financial regulations mean banks must maintain an adequate minimum capital level to ensure all clients are paid in case of bank liquidation. Switzerland also have an extremely stable economic system.
According to Global Finance, Germany hosts 3 of the top 10 safest banks in the world and is now considered as one of the safest countries to open an account in. They are considered a very financially stable country and have strict safety protocols, so assets are well safeguarded.
In a lot of cases, individuals don’t have to be present in Germany to open an account and due to its developed technology offering, this can be done online. Accounts are easily accessible and there are no real strict regulations as to who can open them.
The Cayman Islands are branded a tax haven – they offer foreign individuals and businesses a minimum tax liability, making it a prospering environment for offshore banking. They also have no exchange control, allowing transfers in and out of the account at no extra cost.
The significant tax benefits aren’t the only offering making the Cayman Islands advantageous for offshore banking, but they also have confidentiality clauses in place to protect the privacy of assets, as well as the individuals or businesses reputation.
Hong Kong is well-known for its no, and low, taxation on foreign residents and corporations. It’s recognised as having the world’s freest economy with its simple and low tax system, trade freedom, monetary freedom and government integrity.
Although, it is not just the tax-jurisdiction that is beneficial for offshore accounts, but it’s strong wealth management and investment services make it a beneficial choice when opening an offshore bank account.